Read in the Digest:
- Bitcoin falls under $40k, $1.2 billion worth of BTC moved out of Coinbase.
- Shiba Inu becomes most used smart contract by ETH whales, AMC Theatres accepts SHIB.
- Terra’s UST overtakes Binance USD to become third-largest stablecoin.
- Whales accumulate ADA despite low profitability, unknown whale moves 90 million XRP coins.
Bitcoin Falls Under $40k, $1.2 Billion Worth of BTC Moved Out of Coinbase
As selling pressure intensifies, the world’s largest crypto, Bitcoin, has fallen to its lowest price in more than a month. Over the last 24, Bitcoin lost 3% of its value, hitting a new monthly low of $38,696.
The 24 hour price chart for Bitcoin (BTC). Source: Tradingview
Although Bitcoin recovered to rise above $39,500, the market remains gripped by “extreme fear.” Bitcoin’s price fall was preceded by heavy outflows from exchanges and a drop in liquidity.
According to data from CryptoQuant, a spike in Bitcoin outflows was recorded, amounting to 30k (worth over $1.2 billion USD) BTC leaving Coinbase Pro – the largest bitcoin outflows of the last five weeks.
Over the weekend, data tracker, Santiment, reported that large quantities of $BTC were being moved off of exchanges. Such consistent exchange outflows are indicative of bullish sentiment and the return of institutional investors to Bitcoin.
Flipsider:
- Over the last 24 hours, Bitcoin’s plight has seen traders suffer liquidations of over $71 million.
Why You Should Care
According to experts, the spike in Bitcoin exchange outflows signals the return of institutional investors to the crypto space.
Shiba Inu Becomes Most Used Smart Contract by ETH Whales, as AMC Theatres Accepts SHIB
According to the Ethereum wallet tracker, WhaleStats, Shiba Inu (SHIB) has experienced a spike in on-chain activities in light of its listing on Robinhood. Shiba Inu is now the most-held coin by the top 100 ETH wallets, which possess a cumulative $12.9 million worth of SHIB.
Shiba Inu ETH Whale Metrics. Source; WhaleStats
Shiba Inu (SHIB) has also become the most used smart contract among the 2,000 largest Ethereum wallets following a 500% surge in SHIB inflow to ETH whale addresses. The average balance of SHIB tokens in Ethereum whale addresses is now 2.362 billion.
As part of a partnership with BitPay, American movie theater company AMC Theatres has announced that it now accepts Shiba Inu (SHIB) on its mobile app. The company added additional support for Dogecoin, which now joins the ranks of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The acceptance of SHIB follows the company’s January announcement in which the CEO of AMC Theatres, Adam Aron, tweeted that the company would accept the doggy coins by no later than March 2022.
Flipsider:
- Despite the influx of positive news, Shiba Inu (SHIB)’s price continues to undergo intense selling pressure, and even fell by a further 7% over the last day.
The 24 hour price chart for Shiba Inu (SHIB). Source: Tradingview
Why You Should Care
Ethereum whales continue to increase their SHIB holdings with expectations of an upswing from the popular meme coin.
Terra’s UST Overtakes Binance USD to Become Third-Largest Stablecoin
The algorithmic stablecoin of the Terra ecosystem, Terra USD (UST), has overtaken Binance USD (BUSD) to become the third-largest stablecoin on the cryptocurrency market.
According to data from CoinGecko, UST’s total market capitalization has surged 15%. The USD pegged stablecoin, which was launched in September 2020, now has a market cap of $17.5 billion.
The Market Cap of Terra USD (UST) over the last 7 days. CoinGecko
New UST coins are created when Terra (LUNA) coins are burned and, According to Terra Analytics, UST supply increased by about 800 million tokens ($800 million) over the last week.
The data also shows that, since mid-November, the UST has been on a meteoric rise, with its market cap increasing by 525%.
Flipsider:
- Despite overtaking the BUSD, the trading volumes for UST are still only around one-fifth of those of the Binance digital dollar.
Why You Should Care
To ensure the sustainability of the Terra ecosystem, Terra burns LUNA to mint UST stablecoin, while also backing the ecosystem with Bitcoin.
Whales Accumulate ADA Despite Low Profitability, Unknown Whale Moves 90 Million XRP Coins
ADA, the native token of the Cardano network, has seen remarkable whale interest despite its low profitability so far in 2022. Whale holdings of ADA hit their all-time high in March amid heightened anticipation for its network upgrade.
Cardano’s profitability remains disappointingly low despite the rise in the accumulation of ADA by whales, not to mention its 54% pump in March. According to on-chain data, only 9% of Cardano holders are currently recording a profit.
Ripple’s XRP is another coin that has seen significant whale activity since the start of April. On April 15th, one whale moved 90 million XRP coins (worth approximately $70 million USD) from an unknown wallet onto the crypto exchange, BitStamp.
This transaction represents just one among several crypto whales that have started sending large amounts of XRP to crypto trading platforms. Earlier in April, BitStamp had received 40 million XRP coins from another unknown exchange.
Flipsider:
- CEO of Ripple Brad Garlinghouse went on record to say that Ripple’s fight against the lawsuit from the Securities and Exchange Commission has gone “exceedingly well.”
Why You Should Care
The accumulation of Altcoins by whales reflects the sentiment of large holders, which is judged to be bullish in the long term.
